Chamwe Kaira
The Otjikoto Mine near Otavi, in which B2Gold holds a 90% stake, produced 24 529 ounces of gold in the first quarter of 2026, exceeding expectations.
According to the company’s operational and financial results released on Thursday, the higher production was mainly driven by better-than-expected ore grades.
This was partly offset by slightly lower mill throughput caused by repairs during the quarter.
During the first quarter of 2026, the mine recorded a mill feed grade of 1.06 grams per tonne. Mill throughput reached 0.74 million tonnes, while gold recovery averaged 98.1%.
Cash operating costs for the quarter were US$896 per ounce of gold produced and US$903 per ounce of gold sold.
B2Gold said operating costs were lower than expected because of stronger gold production and reduced underground mining costs during the period.
All-in sustaining costs for the first quarter stood at US$1 327 per ounce of gold sold.
The company said these costs were also lower than expected due to lower cash costs and reduced sustaining capital spending during the quarter.
The lower capital spending was mainly linked to the timing of planned expenditures, which are expected to take place later in 2026.
Capital expenditure for the quarter totalled US$7 million. This included US$4 million for Antelope development and US$3 million for Wolfshag underground development.
The Otjikoto Mine is expected to produce between 70 000 and 90 000 ounces of gold in 2026.
The company expects cash operating costs to range between US$1 200 and US$1 300 per ounce produced. All-in sustaining costs are projected to range between US$1 830 and US$1 980 per ounce sold.
The all-in sustaining cost guidance is based on an assumed gold price of US$5 000 per ounce in 2026.
This includes budgeted royalties and production taxes of about US$17 million, or about US$200 per ounce sold.
